WHAT DOES AN INSURANCE BROKER DO?
Published: Sep 25, 2025 - The Insurance Broker evaluates client exposures and negotiates with various carriers to secure the most suitable coverage options. This role involves designing and presenting structured portfolio solutions, managing accounts, and identifying opportunities to improve offerings and cross-sell services. The broker also builds strong client relationships, monitors market trends, and ensures operational excellence through collaboration with leadership and adherence to service standards.
A Review of Professional Skills and Functions for Insurance Broker
1. Insurance Broker Duties
- Bank Reconciliation: Reconcile general bank accounts to payments/receipts
- Journal Processing: Processing month-end journals and intercompany transactions
- Report Preparation: Complete month-end working papers
- Tax Filing: Prepare monthly IAS, quarterly BAS and monthly payroll tax
- Client Support: Attend to client queries and ad hoc requests, and other functions to be transitioned as per the agreed timeline/schedule
- Process Improvement: Suggest refinements to standardised processes for each area of service offered, e.g., accounts payable, bank reconciliation, month-end accounts, AFSL financial compliance, budgets, etc., to ensure efficient, timely and accurate process delivery
- Documentation Management: Prepares and/or updates all necessary documentation, e.g., checklists, templates, process maps and manuals/procedures, etc., for all functions in accordance with the agreed scope of services
- System Onboarding: Assist with onboarding new entities to relevant systems
- Staff Training: Provide support in conducting training and knowledge transfer to new staff on systems and processes in accordance with agreed procedures, templates and workflows
- Project Execution: Proactively engage, deliver, execute and implement various standardisation, centralisation and continuous improvement projects and initiatives aligned with finance-wide key priorities
2. Insurance Broker Details
- Client Assessment: Responsible for assessing client needs, designing solutions and negotiating with insurance carriers to obtain coverage that is in a client’s best interests
- Contract Analysis: Understand, analyze and effectively present complex insurance contract concepts
- Renewal Presentation: Present renewal results and insurance 101 overviews to clients
- Program Diagnosis: Utilize refined technical skills including client analysis/underwriting and insurance program diagnostic skills, to continually improve client programs and create opportunities with prospective client programs
- Relationship Management: Maintain effective working relationships with all external client contacts, prospects (primarily in the department of treasury, legal departments, or risk management) and internal Aon producers and account executives
- Presentation Delivery: Develop and deliver effective client and prospect presentations in conjunction with senior team members
- Carrier Leverage: Utilize effective underwriter relationships to improve broking results via a deep understanding of the marketplace, carrier appetite and capabilities to be able to leverage carriers effectively
- Negotiation: Utilize effective negotiation skills to improve brokering results for clients
- Claims Coordination: Effectively utilize the Aon FSG claims administration function
- Legal Engagement: Engage the claims and legal advocacy group for claim administration and counsel as per established protocols and as directed by a senior team member
3. Insurance Broker Responsibilities
- Pricing Compliance: Prices business according to the company's underwriting and pricing guidelines and ensures standards for timeliness are met
- Product Marketing: Markets Company's products through agent contacts to achieve company's growth and profitability targets
- Agent Relations: Develops ongoing relationships with agents, meets service standards established for new and renewal business, and keeps agents up-to-date with underwriting and/or product changes
- Book Management: Handles and manages complex books of business to maximize profitability and growth
- Loss Review: Reviews loss activity (frequency, severity) for each agent in the assigned territory
- Problem Resolution: Identifies problems or potential problems, follows up with the agent
- Policy Adjustment: Change policy deductibles, increase premiums, and non-renewal policies
- Agent Oversight: Recommend constraints on business, and an agent may submit or recommend that an agent be suspended
- Industry Networking: Promotes public image of the Company by actively seeking out opportunities to speak to insurance-related groups and by networking within the insurance community to keep abreast of changes in the industry
- Staff Training: Train, coach and serve as a technical resource to other underwriters and assistant underwriters
- Goal Achievement: Achieve written premium and income goals set by management every quarter
- Manual Maintenance: Comprehend and maintain underwriting manuals for all companies represented
- Service Standards: Adhere to company-wide minimum service standards
- Partner Engagement: Develop and maintain effective relationships with business partners
4. Insurance Broker Job Summary
- Coverage Negotiation: Acts as the primary negotiator in obtaining the most appropriate carrier coverage from a variety of insurance carriers
- Exposure Analysis: Identifies and analyzes client exposures and figures out markets to utilize, ensuring thorough evaluation of qualified companies in the marketplace
- Risk Design: Provides alternative options and/or design risk transfer/financing products for presentation to the client
- SPS Implementation: Develops the ability to articulate structured portfolio solution (SPS) benefits to the client and uses these skills to implement SPS offerings based on client needs
- Solution Enhancement: Identifies and recommends opportunities to improve existing SPS offerings
- Account Management: Responsible for the day-to-day, deal team management, and account management and for brokering
- Client Engagement: Builds, expands, and solidifies relationships with existing clients at senior levels within the company
- Operational Excellence: Ensures operational excellence, including adherence to service management requirements
- Cross-Selling: Proactively develops knowledge of the Aon capabilities to identify and develop relevant cross-sales opportunities and Aon tools
- Relationship Building: Enjoys developing new client relationships and building upon existing relationships
- Leadership Collaboration: Works and collaborates with Aon leadership to achieve goals
- Leadership Exposure: Influences and has exposure to Aon leaders in multiple locations
- Market Insights: Serves as a source for information concerning market trends, pricing practices and other underwriting policies
- Policy Development: Participate in the development of department policies and procedures and implement them in the assigned area
5. Insurance Broker Accountabilities
- Risk Evaluation: Evaluate risk, recommendation of insurance coverage as determined by best practice
- Stakeholder Collaboration: Works well with clients, underwriters, claims adjusters, and internal client-facing service personnel
- System Utilization: Proper use of Acord forms, agency management systems, and underwriting systems of insurers
- Prospect Marketing: Prospective marketing of the agency to ideal prospective candidates
- Client Servicing: Providing a high level of client service to enable effective client relationship management
- Client Meetings: Dealing with clients via phone and face-to-face planning meetings
- Renewal Management: Offering additional products and services to clients to manage the renewal process
- Revenue Achievement: Achieving budgeted revenue for retention and growth on existing and new business
- Insurance Advising: Advising a diverse group of small businesses and personal clients on their insurance needs
- Executive Support: Assisting Directors and Account Executives with their client books to provide a quality insurance broking service to key clients
- Regulatory Compliance: Comply with FCA regulatory requirements and ICOB rules
- Client Retention: Maintain appropriate, regular contact with existing customers to ensure their insurance requirements continue to be met
- Policy Servicing: Assist clients when they have questions about or need to make amendments to their cover, or when they need to make a claim